Fisherman & farmer. [volume] (Edenton, N.C.) 1887-19??, 1887-12-23
THE TREASURY REPORT.
Secretary Fairchild Upon the
COuntry's Finances.
His Views Upon the Disposition of
the Surplus Revenue.

Secretary Of the Treasury Fairchild's re-
port on the finances Of the country shows that
the total ordinary receipts of the Govern
ment from all sources for the fiscal year
snded June 80, 1887, were 1911, 403, SO,
the principal sources OF the revenue being
$217, 286, 1893. 13 from the customs and $ll8,-
623, 39I % from the internal revenue. The total
ordinary expenditures were 1915, S35, 42S. II;
leaving surplus Of $50, 567, 1873
which, with an amount drawn from the cash
balance in the Treasury of $24, 455, TO A,
makes a surplus Of $50, or, $40 AS compared
with the fiscal year 1886. the receipts for 1887
have increased $34, 963, $50 60 There was an
increase in the expenditures OF $25, 449, OH a..
The revenues for the present actual and estl-
mated fiscal year are 1888, 600, 200, and the
expenditure for the same period, actual and
estimated, are 1916, 81, 7S5. As OF the surplus
revenue.
After paying a high tribute to the ability
of his predecessor, the Hon. Daniel Manning,
and stating that it is not necessary to do
other than follow in the general lines laid
down by him, Secretary Fairchild says cir
cumstances have heightened the urgency or
taxation reform as affecting the surplus
revenues by which he desires to be under
stood the money which annually remains In
the Treasury after collection of all taxes and
the payment of expenses and Obligations ex-
cept principal of the interest bearing date
TO the question what shall be done with
this surplus revenueP" the Secretary offers
three suggestions, as follows:
"G) The purchase of the interest bearing
debt of the Government ~ Larger ex-
penditureS by Government for other pur-
poses than the purchase of bonds so that
they shall each year equal the taXatlon that
year. (3) Reduction of the revenue from
taxation to the amount actually required to
meet necessary expenses"
On the matter of purchase of bonds the
Secretary says that it has this merit, that
the interest on the bonds ceases With
their purchase; and is of the opinion that If
the circulation of the money of such pur-
chase is not of more benefit to business than
the amount saved by the cancellation of the
debt, hen the taxation is a burden to the
people to that extent
The Government has never paid a gold
premium for its bonds, save in three in
stanceS-in 1880, 1881, and again IN the cur
rent fiscal year. The Government, with
these exceptions, has always been in position
where it could purchase Or call Its bonds at
par or less and has been in position the past
twenty-five years to apply the vast surplus to
retirement of Understanding debts on fairly
good terms.
There was in the Treasury December 1st,
barring all obligations, $50 2-~5, 7Ol. ~, which,
it is estimated will be increased by the end
of the year to $40, 000, go under present tax
and appropriation laws. The Secretary does
not favor the enlargement of the expendi-
lures of the Government simply to expend
money raised by taxation.
The Secretary does not favor decrease of
revenue from customs by increasing rates or
QuCleS, as IL would increase Ca&aUlOn IOI
more than it would decrease revenues. He
does not think it well to abolish or reduce
internal taxes; it is a tax upon whisky, beer,
and tobacco" which are only in a small sense
necessary to health or happiness; but he
favors reduction of revenues from customs
taxation, which should also be reformed as to
their abuses and inequalities. He would add
to the free list as many articles as possible,
and reduce duties upon every dutiabie article
to the lowest point possible
The gross receipts of the Government for
the fiscal year were 1922, S44 IL. 66-$59S, 534,
$50. 95 was in the Treasury and sub Treasur-
les and S127, 500, 5O7.71 was in national bank
repositories. The Secretary thinks steps
should be taken to keep the standard silver
dollar in its proper place
The Secretary shows that there are 3,S05
national banks-2, 219 being creations of Con-
greSs and $50 converted from State institu-
tions-wIth capital stock of $50, .325;
surplus, SIG, ga, $50 10; deposits, SO, $685.
1881.
Collections from internal revenue during
the fiscal year amounted to S11S, S37 ,3U1 .06,
being an increase over the collections of 1886
Of 81, 934, 431.62